What are the most important factors to consider in an Offer in Compromise?
- October 7th, 2021
- David Greene
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Recently I promised to further discuss requirements for having an Offer accepted and not later revoked. We assume the technical requirements discussed last time have neem met. To accept an Offer In Compromise, the IRS must be convinced that your…
Are all partners responsible for the tax debt of a partnership?
- October 5th, 2021
- David Greene
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The rule is that, in a general partnership, every partner is liable for all debts of the partnership. If you wanted to be shielded from liability, the partnership should have been set up as a limited partnership with a general…
What is the IRS program Currently Not Collectible?
- September 29th, 2021
- David Greene
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You may qualify for Currently Not Collectible Status. To qualify for that status you do not have to be destitute with no assets and no job. However, you do need to be in such a financial position that all or…
Who has to pay gift tax – donor or recipient?
- September 16th, 2021
- David Greene
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That is a good question, with an easy answer. The receiver of the gift does not pay the gift tax. The donor pays the tax. However, anyone can give an individual a gift of money, property or any other asset…
When can an Offer in Compromise be returned without considering the merits?
- September 14th, 2021
- David Greene
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An Offer can be “returned,” i.e. not even considered, for technical reasons. This does not mean it was denied. When an Offer is first received, it must pass several tests to be considered. If it fails these technical requirements, it…
How Are Taxes Handled In Probate?
- September 9th, 2021
- David Greene
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Two kinds of taxes can arise during probate. One is the estate tax which does not come into play unless the estate is worth more than $11 million. These taxes, which can be at a rate of 50% or more,…
Can one pay more on an Installment Agreement than the negotiated amount?
- August 31st, 2021
- David Greene
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You are on the right track wanting to pay off the IRS sooner, for by doing so you pay off the Agreement early and will save interest. You do not have to renegotiate a new Installlment Agreement, although you can…
Can the IRS seize and sell jointly owned property?
- August 10th, 2021
- David Greene
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Unfortunately they can in certain circumstances. There is a recent case that ended up going to the Seventh Circuit Court of Appeals. In that situation a father and son owned the land jointly and the father owed the tax. The…
How have child tax credit ruleds changed?
- August 5th, 2021
- David Greene
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Thank you for your question. There have been quite a few changes to the child tax credit. Here are a few: (1) The credit is higher than last year. (2) There are now automatic advance payments of one-half of your…
Are offshore credit cards illegal?
- July 29th, 2021
- David Greene
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Americans can do business in any country as long as such business is allowed by that country. Therefore, having an offshore credit card is not illegal. However, most of these cards are designed to evade income tax and that is…